Disallowance of Stamp Duty paid for increasing share capital
This query is : Resolved
24 September 2008
Hi,
Can anyone let me know whether Stamp Duty paid for increasing authorised share capital is to be disallowed for Income Tax computation as the same will be considered as Capital Expenditure debited to P&L?
Can anyone let me know whether Stamp Duty paid for increasing authorised share capital is to be disallowed for Income Tax computation as the same will be considered as Capital Expenditure debited to P&L?
24 September 2008
This will be treated as expenditure u/s 35D.
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24 September 2008
Do you have any case law for this as this has been disallowed in our case by our auditors
24 September 2008
Sec 35 d is for prelim expenses but in our case our copmany has started operations 8 years back and now we have increased our authorised share capital and paid the fees to ROC.
24 September 2008
35D is applicable both for new and extension of existing business.
24 September 2008
Thanks do you have any case laws for this
24 September 2008
Why case law when it is clearly in the section itself!
24 September 2008
thanks but u/s 35 d the duty paid on authorised capital is allowed only if there is extension of business or set up of new industrial undertaking ,but in our case we have increased our authorised share capital so that we can meet our business requirements.
24 September 2008
thanks but u/s 35 d the duty paid on authorised capital is allowed only if there is extension of business or set up of new industrial undertaking ,but in our case we have increased our authorised share capital so that we can meet our business requirements.
26 September 2008
Can you please tell the objective of the further issue?
26 September 2008
Dear Srinivas ji
We have increased Authorised share capital to meet the working capital deficit.
Regards
Kartik
We have increased Authorised share capital to meet the working capital deficit.
Regards
Kartik
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